Elon Musk: According to a filing made on Tuesday and obtained by Reuters, Elon Musk’s artificial intelligence business, xAI, has filed documents with the US securities regulator with the goal of raising up to $1 billion through a stock offering.
Out of a $1 billion offering pool, the company has raised $134.7 million in equity financing, according to a statement with the Securities and Exchange Commission. Read on to learn more.
Elon Musk’s xAI seeks to raise $1 billion in investments
Earlier this year, Musk founded xAI in an attempt to take on rival generative AI firms, such as OpenAI, of which he was a co-founder. The company’s first offering is a chatbot named Grok, which was educated using information from Musk’s own social network, X.
25% of xAI will be owned by equity investors in X, formerly known as Twitter, according to Musk’s statement from November. Additionally, he mentioned that Grok will be available to social network users who subscribe to Premium+, which starts at $16 per month in the US.
Musk and AI
Musk has voiced serious concerns about AI despite his expertise in the field. The billionaire was one of several academics and prominent figures in the tech sector who demanded in March that developers put a stop to the training of potent AI models.
In the event that the board found something harmful about the AI, Musk stated that he wanted to know the reason for Sam Altman’s recent firing and reinstatement as CEO of OpenAI.
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